https://www.taxtmi.com/caselaws?id=6235 The SC examined the validity of a reassessment notice under Income Tax Act sections 147, 148, and 151(2). The Court found the notice invalid due to lack of substantive reasons by the Income Tax Officer and Commissioner. The Officer's vague suspicions about "bogus transactions" and the Commissioner's mechanical "Yes" endorsement were insufficient to justify reassessment. The SC quashed the notice, emphasizing strict compliance with statutory procedural safeguards. en-us Thu, 21 Jan 1971 00:00:00 +0530 Wed, 04 Jun 2025 16:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6235 The SC examined the validity of a reassessment notice under Income Tax Act sections 147, 148, and 151(2). The Court found the notice invalid due to lack of substantive reasons by the Income Tax Officer and Commissioner. The Officer's vague suspicions about "bogus transactions" and the Commissioner's mechanical "Yes" endorsement were insufficient to justify reassessment. The SC quashed the notice, emphasizing strict compliance with statutory procedural safeguards. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6235